Bank Law Monitor
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Congress CARES: Federal Stimulus Package to Provide Emergency Relief to Borrowers and Financial Institutions
Mar 26, 2020
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On Wednesday, March 25, 2020, the Senate unanimously passed a $2 trillion economic stimulus package. Called the Coronavirus Aid, Relief, and Economic Security (or CARES) Act, this unprecedented bill is expected to be passed by the House this Friday a...
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Federal Banking Agencies Encourage Small-Dollar Lending
Mar 27, 2020
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No, your eyes aren’t deceiving you. On Thursday, March 26, 2020, the federal banking agencies (i.e., the FDIC, CFPB, FRB, NCUA, and OCC) issued a joint statement encouraging banks and credit unions to offer responsible small-dollar loans to consumers...
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CARES Act Amends Bankruptcy Code to Address COVID-19 Dislocation
Mar 27, 2020
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Section 1113 of the CARES Act amends certain provisions of the Bankruptcy Code and will apply to the year following the date on which this new law goes into effect. These changes are primarily designed to benefit small businesses and individuals who...
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The OCC Doubles Down on Fintech Banks
Traditional banks and lenders may soon see some increased competition from actors in the financial technology industry. As we previously discussed, the Office of the Comptroller of the Currency (OCC) has led the regulatory charge by inviting so-calle...
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How Does Washington's New Power of Attorney Statute Impact Banks?
Washington has adopted the Washington Uniform Power of Attorney Act (“The Act”) which becomes effective on January 1, 2017 (ESSB 5635). The Act completely replaces Washington’s current law and has some key differences that need to be considered when...
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Continued Uncertainty Regarding Proof of Water Availability Necessary to Obtain a Permit Follows Whatcom County v. Hirst
Last October in Whatcom County v. Hirst, the Washington Supreme Court held that each county must ensure that there is an adequate water supply before it approves a project permit. The Hirst decision upset the existing process by which a county would...
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